The Inland Revenue Authority of Singapore (IRAS) has updated the rules on de-registration for Goods and Services Tax. There have been broad changes to paragraph 7.7 of the rules concerning de-registration. This section concerns the de-registration of businesses that are certain they will not make taxable supplies worth SGD1m (USD736,000) in the next twelve months (required within 30 days); or those businesses choosing to opt out of voluntary registration, having been voluntarily registered for a period of not less than two years.
However, majority changes concern rules on GST-inclusive pricing. From April 1, 2015, internet retailers have been required to ensure that, if they display both GST-inclusive and GST-exclusive prices, the GST-inclusive price is at least as prominent as the GST-exclusive price. Failure to comply with the requirement can result in a fine.
